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Older travellers face insurance cost hike

April 17, 2007 by admin  
Filed under News, News-Insurance

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People looking forward to going travelling in their retirement could be in for a shock when taking out insurance.

Average premiums for travel cover increase by more than 100 per cent when people reach their 66th birthday and rise again by a similar amount when customers reach 70, according to Moneysupermarket.com.

The most competitive annual multi-trip insurance premium was found to be £35.42 for a 65-year-old person, compared to £88.64 for a 66-year-old and £171.08 for someone of 71.

Richard Mason, director of insurance for the site, said: “Anyone who dreams of seeing the world in their retirement will get a nasty shock when they reach their 66th birthday and find insurers have doubled the cost of their travel insurance.

“The situation gets even worse for travellers entering their 70s as the cost of cover leaps by almost as much again.”

Mr Mason stressed that people should be able to take advantage of fairly-priced travel insurance, whatever their age.

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